AUDCAD: Stay Short, Aiming Below Parity
I sold AUDCAD at 1.0441 on August 14 to trade expectations of a pickup in US economic growth coupled with a slowdown in China. I added to the position at 1.0370 on August 24 as the down move resumed after a brief rebound. Last week the pair put in a Shooting Star candle on a retest of support-turned-resistance at 1.0048 and I added to the position once again (at 1.0044). The stop-loss will now be triggered on a daily close above 1.0089. My first objective is 0.9955.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.